We are advising European Biotech Acquisition Corp. on its deSPAC transaction

Davis Polk is advising European Biotech Acquisition Corp. (EBAC), a SPAC, on its $200 million business combination agreement with Oculis, SA. The business combination is expected to deliver gross proceeds to Oculis in excess of $200 million. This includes approximately $127.5 million held in EBAC’s trust and commitments to an upsized PIPE and private investment of close to $80 million, anchored by LSP 7, with the participation of leading institutional investors. The proposed transaction is expected to be completed in the first half of 2023, subject to the approval by EBAC shareholders and the satisfaction or waiver of other customary closing conditions.

EBAC is a SPAC formed for the purpose of effecting a business combination with one or more businesses or entities.

Oculis is a global biopharmaceutical company headquartered in Lausanne, Switzerland.  Its mission is to save sight, improve eye care and address medical needs with breakthrough innovations. Oculis’s pipeline includes candidates for topical retinal treatments, topical biologics and disease modifying treatments, focusing on areas of significant medical needs, including diabetic macular edema (DME), dry eye disease (DED), and neuro-retina indications such as glaucoma, affecting growing patient populations.

The Davis Polk corporate team includes partners Michael Davis and Derek Dostal and associates Joshua B. Pittell, Arisa Akashi Sin and Courtney Y. Sohn. The tax team includes partner Corey M. Goodman and associate Constance Zhang. The intellectual property and technology transactions team includes partner David R. Bauer. The executive compensation team includes partner Jennifer S. Conway. All members of the Davis Polk team are based in the New York office.

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